When you accept credit cards, your home service business can securely gain access to the funds that you have earned without needing to wait for checks to clear. In addition to taking plastic, implementing digital invoicing allows you to exchange and process invoice details between your company and your customers. Once it becomes part of your operational infrastructure, this tool will help you gain faster access to your money.
Fast and secure delivery
Regular invoices can be riddled with difficulties. It may take days before they can be printed, mailed, and delivered. Furthermore, the paper copy can easily get lost on an employee’s desk, resulting in long lag times before checks are cut. That means you may not have access to the cash you are owed for a long while, hampering your ability to budget effectively.
By contrast, digital invoices are sent instantly via email or text message as soon as the job is completed. Consequently, the client is more likely to pay right away, with a much lower likelihood of delays or lost bills.
Payment links
This powerful feature makes it possible for customers to pay securely and quickly using the method of their choice, reducing the time it takes for invoice resolution.
Payment links give you a way to efficiently notify customers of what they owe on the spot as soon as you have finished a home job. Your merchant services company can help configure your point of sale system so that it can generate embedded payment links directly into a text or email message.
As soon as the customer clicks on the button, QR code, or link, they will be immediately directed to a secure checkout page that you can even customize with your unique brand details. All that is necessary is for the client to input their payment specifics using the method of their choice (e.g., credit or debit card, digital wallet, etc.)
The transaction is then processed through the secure payment gateway software provided by your merchant services company, enabling you to quickly get your hands on your funds.
Automated follow-ups
Your system can automatically generate payment reminders and follow-up messages, reducing late payments and incentivizing on-time ones.
Many delinquent payments are not intentional; they simply stem from customer oversight. By sending reminders a few days before the money is due, as well as on the due date and thereafter, you can significantly reduce this problem. Digital invoicing software can be configured to perform these tasks in the background with little extra work necessary on your part.
Instant billing and payment
Today’s payment terminals for home contractors are not necessarily tethered to a wire in your office. In fact, many solutions are mobile-friendly and portable, allowing you to generate and send invoices right from your smartphone or tablet as soon as you have finished a job. As a result, you will be able to obtain immediate approval on estimates and can complete the payment process before you leave. Instead of waiting weeks or months to get your money, this software lets you take care of every facet of the payment process right away.
Improved visibility
With digital invoicing in place, you gain real-time information about every aspect of the payment journey. That includes when it was sent, viewed, and paid. Armed with this information, you are in a better position to be able to identify both incoming and outstanding payments so that you can manage your cash more effectively.
Succeeding as a contractor or other provider of home services is challenging. With so much competition and a hair-thin profit margin for many companies, you need to do everything possible to stack the odds in your favor. Implementing digital invoicing is one of the most effective and proactive steps that you can take to maximize your business’s operational efficiency.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
